My wife is due to start a one year placement in Italy starting in September. We will all be moving there in August.
Her salary is being paid to her in two lump sums by a US institution. The first lot in July the second lot in early 2010.
I'd like some advice as to where this money should go when she is paid. If we get it paid into an existing UK account then it will be converted from USD to stirling. When we need to use it in Italy we will then need to convert it to Euros. This conversion process will, no doubt, cost.
Also, it may be that we get a better return by having it converted from USD straight to Euros and keeping it in a Euro account. The problem with this is that we have to remotely open an Italian account before we get there. Which may not be that easy....
We can't predict what exchange rates will be doing in the upcoming year either.
Does anyone have any suggestions?
TIA, Dan